There are a couple different options when contemplating the rental of a home for future purchase. Each involves two legal documents, the lease itself and then either an option or purchase agreement. The option gives you the right to purchase the home at a specified price, for a specified time in exchange for consideration (the option payment). The purchase agreement is a normal purchase agreement with an extended closing date which is typically at the end of the lease. In most cases, the best use of either of these type of agreements is to allow the purchaser time to either sell an existing residence or sort out credit issues that is preventing financing at this time.
A lot depends on your particular situation and it is something you should discuss at length with a professional RealtorÂ® who can fully explain this process to see if it makes sense for you. Remember that we will be ruling out all short sales and foreclosures which currently dominate much of the market in Vero Beach and the surrounding communities. I would be happy to speak with you in greater detail about your real estate needs so please feel free to contact me at your convenience if I can be of any help.
Always at Your Service,
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty
I have an investor that I work with that typically handles situations like you have mentioned. I can direct you to him if you want to contact me.
772 539 1462
I am looking to buy a house between 60-100K. I would like to stay below 1000 monthly payment. I also do not want to be taken advantage by someone whom I think would be trying to help me. I have found a few houses I like but I am trying to do things to improve my credit rating to have a better chance of being financed. If not, then I would want to go the investor route. I am up for anything. If I could do the investor thing until I get back on my feet, then I would want to go this route. I would want to use an investor for about 2-3 years and then buy the house for myself when my credit is better. Thanks
what price range are you considering? This will have a lot to do with finding an owner who will let you do a lease with an option to buy or if you can qualify now, (depends on your credit score) you could negotiate a lease-purchase which is more appealing to someone trying to sell their home.
Dale Sorensen Real Estate Inc.
Attend some meetings of real estate investors in your area. For a listing, go to http://www.creonline.com and look (on the left hand side) for investor clubs. Find a few near you, and attend their meetings. At most investor club meetings, there's an opportunity (near the beginning of the program) for attendees to stand up and announce opportunities. What you do is stand up and announce what you're looking for. Be reasonably specific--number of bedrooms, number of baths, general price range. Also, say for how long you'd like the lease-option (3-5 years is reasonable). And say about how much you have in the way of an option fee. It's possible that some of the investors are already offering rent-to-own properties that will meet your description. If not, you'll certainly generate some interest.
Hope that helps.